MANILA, Philippines – The decision of SM Prime Holdings Inc. (SMPH) president Hans Sy to step down as president is unlikely to have any impact on the property giant, said Ed Francisco, president of Sy-owned BDO Capital & Investment Corp.
 
Sy will be leaving the CEO post effective Oct. 1, SMPH said in a disclosure to the Philippine Stock Exchange (PSE) yesterday.
 
However, he will continue to sit as director and chairman of the executive committee of SM Prime.
 
Francisco said it would be business-as-usual for the group.
 
“We’ve been very comfortable. Having had the chance to work with him, whether as chairman emeritus, Hans is very hands on. There will be no change. Also Jeff (Lim) has been there for decades. It’s just title change,” Francisco said.
 
He noted the case of the Sy family’s banking arm BDO, where a professional was tapped to head it.
  
“It’s the same thing with SM Prime,” Francisco said.
 
Industry sources said apart from spending more time with his family, Sy wanted to devote time on sports, particularly beefing up the National University’s team, which is competing at the University Athletic Association of the Philippines (UAAP).
 
The SM Group acquired the university in 2008. NU is among the country’s oldest universities, founded in the 1900s.
 
Sy would pass on the task of handling the day-to-day operations to CFO and executive vice president Jeffrey Lim.
 
His older brother, Henry “Big Boy” will remain as chairman of SM Prime.